GLBA


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GLBA

(Gramm-Leach-Bliley Act) Enacted in 1999 and effective mid-2001, the GLBA (officially the Financial Services Modernization Act of 1999) stipulates that every financial institution shall protect the security and confidentiality of its customers' confidential personal information. In addition, the Act requires data subjects to be informed of privacy policies and to have an opportunity to inspect and correct their own records. For more information, visit www.ftc.gov/privacy/privacyinitiatives/glbact.html and www.fmcenter.org/fmc_superpage.asp?ID=394. See privacy.
References in periodicals archive ?
Within the insurance sector, the GLBA allowed insurance agencies to cultivate new revenue streams by offering bank products to their customers.
Irving case raises the issue of whether the GLBA is an overdose of a good thing, or whether the court engaged in an overly rigid reading of a statute.
Had Congress not anticipated OCC action interpreting the GLBA, there would be no need for an 'OCC Deference' provision of the GLBA," he wrote.
The GLBA also authorizes national banks to directly underwrite, purchase, and deal in municipal revenue bonds.
The GLBA MAP enables financial institutions to give an examiner, auditor or other independent party, responsible for reviewing your risk assessment, temporary limited access to a repository of documents.
Specifically, GLBA permits financial holding companies to engage in securities underwriting and dealing, insurance underwriting, merchant banking, and expanded insurance agency activities.
Those employees who answer the phones or open the mail need to know what is a GLBA (opt-out) request and how it should be processed," she emphasizes.
In addition to providing immediate protection from diverse email security threats - including spam, viruses, phishing, spyware, dangerous URLs and other email abuse, the powerful Mailstream Manager policy engine provides messaging compliance by enabling point and click creation of policies for the enforcement of SB 1386, GLBA and HIPAA, among others.
The GLBA software also performs physical security reviews, audits and vulnerability assessments of facilities and personnel.
Therefore, as currently interpreted, GLBA requires practitioners who provide, among other things, tax planning and tax preparation services to individual clients, to give notice of the practitioner's policy regarding disclosure of private information at the start of an engagement, and annually thereafter.
The agencies minimized the compliance burden on banks and thrift institutions by making the proposed rules for notice and opt-out provisions generally consistent with recently adopted privacy regulations that were required under the GLBA.